Contract to Drill for Oil on Coast

A-Sharq Al-Awsat newspaper reported on the signing of contracts between Mauritanian Energy and Oil Minister Zaydon Walad Ahamida and the President of the Spanish REPSOL Oil Company for drilling for oil and natural gas, as well as profit sharing from distribution of this oil and natural gas from the oil field on the coast of Mauritania. The paper estimated that cash profits resulting from this oil and natural gas development will come to $10 million during the first stage of work, which should cover three years.